The International Monetary Fund had expected the Philippine economy to have expanded by 6 percent in the first quarter on account of robust household consumption and government spending. Shanaka Peiris, IMF resident representative to the Philippines, said that based on their preliminary assessment, strong domestic consumption and public-sector investments more than offset the adverse [...]
The rate of rise in remittances registered its slowest pace in three and a half years amid the challenges now facing the global economy.
Western Union Senior Vice President for East and South Asia Patricia Riingen received the Pinnacle Group’s CSR Leadership Award for spearheading a range of initiatives backed by Western Union for better access to financial services in the Philippines.
Net inflow of dollars into the country grew in the first quarter as remittances remained strong and more foreign portfolio funds came in due to the favorable sentiment on the economy.
Metrobank expects remittances from overseas-based Filipinos to grow by at least 6 percent this year and sustain robust household consumption in the country.
Remittances from overseas Filipinos rose 6 percent to $1.68 billion in February from $1.59 billion a year ago on the back of sustained global demand for Filipino workers and their rising salaries, the Bangko Sentral ng Pilipinas reported Monday.
A global online money transfer provider assured Filipino remitters who send money using their bank accounts that “no money will be withdrawn until the money is received” by their intended recipients.
Remittances maintained a robust pace of growth in January on the back of improving global economic conditions. Money sent home by Filipinos working overseas amounted to $1.68 billion in the first month of 2013—up by 8 percent from the $1.56 billion recorded in the same period last year, the Bangko Sentral ng Pilipinas yesterday reported.
Remittances breached projections and hit an all-time high in 2012 as global demand for Filipino workers remained robust despite the general weakness in the global economy.
Money sent home by Filipinos overseas amounted to $1.92 billion in November, up 7.6 percent from $1.78 billion in the same month last year, the Bangko Sentral ng Pilipinas reported Tuesday.
Remittances reached a record high in October as global demand for Filipino workers remained strong despite the lingering crisis in the United States and Europe.
The proportion of Filipino households that set aside remittances for savings and investments dropped in the fourth quarter from a year ago, highlighting the need to provide financial education to more people in the country.
